The European Banking Authority As Risk Alert Bitcoin Virtual Currency

Posted by annil chauhan on August 7th, 2019

#1. "Consumers are not protected and could run the risk of losing their money," warns the European authority on the use of virtual currencies.

#2. There is currently protection in the European Union for consumers in case these platforms fail.

#3. He also warns that "digital" handbags are not "impervious to pirates".

#4. Apple does not allow apps for iOS to use Bitcoin.

The European Banking Authority (EBA) Friday warned consumers of a series of risks presenting the purchase, possession or trade of transactions with virtual currency, under Bitcoin, which could make them lose their money, according to the l Agency in a statement.

"Consumers are not protected by the regulation when using virtual currency as a means of payment and could run the risk of losing their money," warns the European authority, which also adds that guarantees that its value is "Stable" there are none. visit here variancetv. 

According to the European Banking Authority, although virtual currency "is still monopolizing securities and enjoys growing popularity," consumers need to be aware of the risks associated with them. In particular, he points out that platforms tend not to regulate the exchange and some banks have virtual currency in the form of deposits.

In this sense, it affects that there is currently no protection in the EU regulation to protect consumers against financial losses should a platform that exchange be own virtual currency break or withdraw from the 'business.

Handbags subject to theft of computers

Also, warns that "digital wallets" containing virtual consumer currencies stored in computers, tablets or "smartphones" are not "impervious to hackers".

Indeed, he notes that there have been cases of consumers who have lost significant amounts of virtual currency with little hope of recovering them. It also adds that when using the virtual currency for commercial transactions, consumers are not protected by the rights of return provided for in Community legislation.

On the other hand, stresses that the use of these currencies offers a "high degree of anonymity" that could be used for criminal activities such as money laundering. This misuse could lead the authorities to shut down these platforms immediately, barring access to the funds that are deposited in them.

EBA also warns consumers that they should be aware that the use of virtual currencies may have tax implications, so it must make sure that you take into consideration taxes that apply in your country when these currencies are used.

In this context, he advises consumers that if they buy a virtual currency, he must understand their specificities and not use the "real" money that can not afford the luxury of losing.

Finally, the Banking Authority has indicated that it assesses all relevant aspects related to virtual badges to identify if they "can and should be regulated and supervised".

Apple does not trust Bitcoin

Also, Apple forced the creators of Gliph's protected messaging application to disable the sharing of the Bitcoin feature. The app had created this funcionlidad seven months ago, but Apple's response has been blunted: they disable the option of transferring between their virtual currency of users or removing the app from the App Store.

What happened with the Glyph affair is not isolated within the Apple store GPU-Z. The recently released applications Bitcoin Express, Bitpak or Coinbase have been removed from the App Store to allow the use of Bitcoins to transfer or give access to virtual wallets of this currency online to its users.

Although there is no official statement of the company founded by Steve Jobs, there are several reasons to justify this fact. Jon Matonis, a Bitcoin Foundation contributor and economist, says that one of the reasons is that Apple is preparing its online payment system or that using that currency could reduce the margins of the technology company.